TIAA President and CEO Roger Ferguson Jr. expects the company’s acquisition of Jacksonville-based EverBank Financial Corp. to be completed after approval by banking regulators, possibly by midyear, but there’s no timeline for a decision on a name change.
Ferguson said the name is being assessed by marketing professionals. “We want to make sure it’s thoughtfully done,” he said Tuesday after he spoke to more than 500 people attending the quarterly JAXUSA Partnership lunch at the Hyatt Regency Jacksonville Riverfront.
TIAA announced previously that its St. Louis-based bank subsidiary will merge with EverBank and the headquarters of the merged bank will be in Jacksonville.
Ferguson said he thinks the regulatory review is pretty well advanced, “so we hope that it won’t be too much longer, but we said historically sometime in the first half of this year. We still feel that’s a safe statement, but hopefully it will be sooner rather than later.”
The name is of special interest in Jacksonville because of EverBank Field, the city’s football stadium where the Jacksonville Jaguars plays. The team singed a five-year, $16.6 million naming rights deal in 2010 and agreed to a 10-year, $43 million extension in 2014.
New York-based TIAA, a financial services company, agreed in August to buy EverBank for about $2.5 billion. At the time of the announcement, EverBank, a nationwide consumer and commercial bank, had $27.4 billion in assets and TIAA had $889 billion under management.